PAR has updated two forms and added five new forms to the forms library.
We have now added three Property Management forms: the Property Management Agreement (PMA), which establishes the management relationship between an owner and broker; the Change to Property Management Agreement (CPM), which allows common and free-form changes to be made to the PMA; and the Multiple Property Addendum to Property Management Agreement, which makes the terms of the PMA apply to more than one property. The Property Description Sheet (XLRA), which has been updated and renamed as the Rental Property Information Sheet (RPI), can be used with the PMA or the Listing for Rent Contract (XLR).
The Reply to Inspections/Reports (RR) has also been updated. Two rarely used items were removed and the amount of space provided for the Written Corrective Proposal has been expanded. In addition, the Pre-Settlement Walkthrough Report (PSW) was created to capture the outcome of those walkthroughs. The final form added to library is the Multiple Offer Sheet (MOS), which allows agents to compare for sellers many of the terms of competing offers for a property.
The licensing law contains a limited exclusion from the licensing requirement for persons employed by the owner for managing and maintaining multifamily residential properties. To rely on this exclusion, the regulations require the owner to retain all decision-making authority, including conditions of occupancy, negotiating leases and entering into leases with tenants.